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Sandfire stays the course in June quarter

24th July 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) - Copper miner Sandfire Resources has reported a strong quarter in the three months to June, with production up slightly on the previous quarter.

Copper production in the March quarter reached 18 519 t, up from the 16 888 t reported in the previous quarter, with full-year production recorded at 69 394 t.

Gold production in the same period was up from 10 921 oz to 11 967 oz, with full-year production reaching 44 455 oz.

Sandfire on Wednesday told shareholders that mine production from DeGrussa, in Western Australia, had reached 347 643 t during the quarter, with the satellite Monty copper/gold mine delivering a further 76 091 t of ore. Mill throughput for the June quarter was also marginally above target, driven by higher mill availability and utilization.

A total of 412 473 t of ore, grading 4.8% copper, was milled for the quarter, with copper recovery averaging 93%.

A total of 73 949 t of concentrate, containing 17 788 t of copper and 11 689 oz of gold was sold during the quarter, with seven shipments completed from Port Hedland and Geraldton.

Meanwhile, C1 cash costs for the quarter declined from the $0.92/lb reported in the March quarter, to $0.74/lb, while full-year cash costs were reported at $0.83/lb.

Looking ahead to the 2020 financial year, Sandfire is expecting copper production to reach between 70 000 t and 75 000 t, with gold production targeted at between 38 000 oz and 42 000 oz. C1 cash costs for 2020 have been estimated at between $0.90/lb and $0.95/lb.

Edited by Creamer Media Reporter

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